Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Investment Objective

The Fund seeks high current income and competitive total return through investment primarily in dividend paying, large-cap U.S. common stocks.

Investment Strategy

The Fund offers opportunities for high current income and competitive total return through investment primarily in dividend-paying, large-cap U.S. common stocks that the portfolio manager believes are undervalued. The Fund normally invests at least 80% of its net assets in equity securities, but may also invest up to 20% in debt securities. The equity securities held by the Fund will consist primarily of dividend-paying common stocks of large U.S. companies, but may also include preferred stock, trust preferred securities, convertible securities, and foreign securities. The Advisor seeks to invest in stocks of companies that are trading at a discount to their intrinsic value and that are attractively priced relative to their earnings, dividends, assets or other financial measures. The Advisor primarily uses a bottom-up approach focused on fundamental, quantitative, macroeconomic, and environmental, social and governance (ESG) analysis of issuers in a number of different sectors and industries, in light of the issuers' current financial condition and industry position, as well as market, economic, political and regulatory conditions. The Fund has threshold responsibility standards with respect to tobacco, weapons and human rights, which it applies in determining whether a security qualifies for investment.

Investment Risk

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. The Fund's emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend, which may adversely affect the Fund's ability to generate income. Value stocks may perform differently from the market as a whole, and/or the price of a value stock may take an unexpectedly long time to reflect the portfolio manager's calculation of intrinsic value or may not appreciate as anticipated. In addition, large-cap companies may be unable to respond quickly to new competitive challenges such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

Important Disclosure

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

The 30-Day SEC Yield is a standardized measure of the current market yield on the Fund’s portfolio and is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. For funds that have a contractual fee waiver and/or expense reimbursement in effect, the fund also displays the higher subsidized yield, which accounts for the effect of the waiver and/or reimbursement . The 12-month Distribution Yield takes all the interest payments made by the fund over the last 12 months, and divides it by the sum of (i) the Fund’s NAV on the last day of the period, and (ii) any capital gains distributions that were made during that period. The 30-Day SEC Yield reflects the rate at which the Fund is earning income on its current portfolio of securities, while the 12-month Distribution yield reflects the Fund's past dividends paid to shareholders.

Performance

Select additional indices to display below:

Benchmark Index

Benchmark Index

Checking this box will compare fund performance to that of its benchmark index.

Lipper Category Index

Lipper Category Index

Checking this box will compare fund performance to that of its Lipper Category Index.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Returns for periods of less than one year are not annualized.

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Allocation percentages may not add to 100% due to rounding. Negative Cash positions may occur as the result of varying settlement schedules for securities.

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Fund Expense Ratios

Investment Minimums

Description

Minimum

Minimum Initial Investment
(ClassA)

$2,000

Minimum Initial Investment for IRA
(ClassA)

$1,000

Minimum Subsequent Investment
(ClassA)

$250

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Equity Income Fund through January 31, 2016. Direct net operating expenses will not exceed 1.23% for Class A shares, 2.35% for Class C shares, and 0.98% for Class Y shares of the Fund. Only the Board of Trustees may terminate the Fund's expense cap before the contractual period expires, upon 60 days' prior notice to shareholders. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses and taxes. This limitation does not limit acquired fund fees and expenses that may be incurred by a shareholder.

Fund literature and resources

Morningstar Style Box™

Morningstar Style

A style box is a graphical representation of a mutual fund's characteristics. Together, the
vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.

CEIAX is categorized as: Large Value

Morningstar Category™

Large Value

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Fund falls
on a risk/return spectrum, relative to other Calvert Funds.
Funds with more conservative objectives and strategies would fall on the left
side of the spectrum, while funds with more aggressive objectives and strategies
would appear on the right.

Compared against all Calvert Funds

For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.